Blackstone unit buys Singapore property: report

Blackstone Group LP's
BX, -0.40%
property arm has bought its first real estate in Singapore in a $177 million deal, taking advantage of the pressure on some cash-strapped European financial institutions to sell assets both within and outside their home markets, according to the Financial Times. SEK, a German investment fund, sold the assets to the U.S. buyout group to raise cash to meet redemptions, people familiar with the matter said. The transaction, though small, shows that the financial crisis enveloping Europe is pressuring not only banks but also investment funds to raise money by offloading assets.

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